Welcome to this Update-Analysis about Bitcoins Major Bearish Distribution-Fractal I spotted in the origin-analysis, if you did not see this analysis already I highly recommend it to watch to have a full-depth-overview. As the fractal now finally completed with the main wave G completing the wave-count I talked about in the origin-analysis with Bitcoin also breaking below the main trend-line and below the 20-MA in blue this was the full completion of this massive fractal exactly with the same developments and elements like within the first fractal just on a more local scale. Now as these determinations developed I discovered further important signs, structural formations, and upcoming determinations that are pivotal in these dynamics.
Taking a look on the major recent news emerged in the last times we can watch there that there is the main discrepancy between the news release which are in a more or less higher majority bullish and the actual price-action Bitcoin developed which included this heavy bearish dump, this is playing into the theory of the divergence in news releases and the misleading of public and the actual Bitcoin price-action-dynamics. As El Salvador emerged as the first country adopting Bitcoin the market crashed on the same date however in the middle-to-long-run this legal tender adoption can lead to an increase in Bitcoin demand as there is a 400 Million US-Dollar wealth transfer likely to happen in El Salvador from classical payment providers such as Western Union into Bitcoin. On the other side, there is news that fueled this heavy bearish pullback to the downside such as China tightening restrictions on Bitcoin or the SEC moving forward with regulatory measurements. These factors contributing to the bearish dynamics Bitcoin showed up with and continued development in the caused actions can even increase further supply in the near future.
When looking at my chart now we can watch there how Bitcoin now recently fully completed the fractal-wave-count and moved below the trendline as well as the 20-MA therefore the whole fractal was completed with highly increased bearish volume as expected. Now as Bitcoin found support above the 43500 USD area there is an increased potential given that Bitcoin has the ability to bounce back and test the 20-MA again however when considering this whole structure the 20-MA is now a strong resistance from where a pullback has an increased likelihood this is why a pullback from this retest is definitely within the possible spectrum, therefore, when Bitcoin does not manage to hold the 43000 USD zone sustainably and further supply enters the market this will lead to a continuation to the downside when Bitcoin breaks this level, when this happens the main fractal target zone will be around the 35500 USD level marked in blue which is also the equivalent of the beginning of wave-B similar as it developed in the first fractal already, then Bitcoin needs to show how it approaches these zones, it will be an important development ahead.
In this manner, thank you for watching my analysis about BITCOIN and its major distribution-fractal compared to the previous and central upcoming determinations to consider, support the analysis with a like and follow or comment for more market insight! "There are many roads to prosperity, but one must be taken."
Information provided is only educational and should not be used to take action in the market.
The Best TA which i have seen. Never thought that someone can be so detailed on the TA , putting so much efforts to enlighten the community. Kudos to you mate. keep up the good work
felfoldiru
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@KMcryptoTrading , Best in what exactly? Anyone can put it this way: "Bitcoin will either drop to 30,000 or rise to 50,000 because there is a line here and here." If he clearly said: "Will fall to 30,000 and will not rise above the current one" and this is exactly what would have happened - wow. And so ... Let's be objective.
KMcryptoTrading
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@felfoldiru, its about educating the community with proper reasoning and detailed presentation with a good write up. In todays world everyone knows it will go up or down with twitter or other sources.
felfoldiru
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@KMcryptoTrading , All this is beautiful. And a lot has been written. Drawn. But, it is necessary to honestly admit the fact that no one knows how the market will behave. If it were otherwise ...) And this is written in just one line at the end. That's what I mean) I don't want to offend anyone.
KMcryptoTrading
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@felfoldiru, Absolutely, no one knows whats gonna happen in the trading world but we all do some prediction based on TA and play our trades with Stop losses. Theres no 1 to 10 steps which can be followed to be succesful everytime with any TA which is the bitter truth of trading.
felfoldiru
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@KMcryptoTrading , Until Bitcoin has decided on the trend, I would simply advise everyone to distract from trading it because it burns all stops in both directions)
raghufx
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@felfoldiru, Though I agree with his TA this time but it would have better value if he could detect it at E or G. Anyhow he is right this time at least. I'm saying this because this TA is in compliance with Dankal Waves. All of the analysts here just watch for price only and dont include the dynamics and fractals and wave count.
Dankal waves are not based on price movement only. Dankal Waves include 4 things:
1. Price
2. Dynamics
3. Fractals
4. Wave count
VincePrince
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@KMcryptoTrading, Thanks a lot for the feedback! Always great to help! Then it is not much effort. ;)